All Forum Posts by: Andrew Hamlett

Should be interesting to see how this reshapes things. Only thing I noticed is on the duplex down payment price you listed, you said 15%, I had to put 25% on the duplex I purchased in North TX. My understanding is that was fairly normal but could be wrong. All depends on financing though, maybe the FHA vs Conventional. Welcome aboard!

Thank you Jason. This is what we are planning to do now.

So I have a bit different of a situation. I have a home that I am to inherit, I plan to keep but currently has a small tax issue being resolved. Once that is resolved and it will be, the property will be mine. I am the sole heir, administrator, etc. While I wait, I want to proceed with the rehab. My intention is to move there but whether I sold or moved there, I would rehab myself at some point, I just want to speed the process....Is there any possible creative way to finance a Rehab for a property within the estate process. There is no current loan on it and has full equity but I would like to access the equity in the home to be rehabbed as opposed to pulling money out of pocket or out of other properties equity. Any suggestions very appreciated??

Hi, I'm currently working on my first landlord insurance policy and curious as to what other investors do with regard to their deductible on the policy? Higher deductible, less monthly cost, lower deductible, a bit higher monthly? Pay me now or later. Its a newer property.  Basically, I'm at an annual premium of 1120 with a 1000 deductible or a $974 premium for a $2,500 deductible? Is it worth saving 146 annually for making a claim difference of 1500. I think i know the answer but curious to see other opinions?

Andrew

Thanks, figured it was the standard but some smaller towns, you never know.

What are some of the management rates you're seeing though?

sorry, 40% of monthly rent or?

Hi, I'm sure this question has been posed many times before but I cannot seem to find it. Could be my noobishness to the boards :). I'm close to investing in a rental property outside of the town where I live, but in the same state. Short of calling my insurance broker every time I want to run numbers, is there a good way to estimate/ball park insurance cost for an investment home/rental that is not in my local market. I know some of the secondary MLS engines like Zillow have estimates, but I have very little faith in anything zillow shows as they always seem to be out of date. Any thoughts or direction would be greatly appreciated?

Andrew 

Well, a federal income tax issue related to the estate. Everything has been filed, waiting to see if they accept an offer. Looooong story I wont bore you with but basically, the tax situation still is not agreed on, we both believe different amounts are owed, cant get timely answers, every time its a different answer and now awaiting a compromise. This is in working with a good CPA firm too. Regardless, it could drag out for many months unfortunately. What is holding me up is the potential for the liability to be more than I want to take on. I made an offer with what the estate has, only thing left is the value of the home in disrepair. I could potentially rehab it enough to get it rented but AC is on last legs, carpet is old with a few rips, every faucet has some type of minor leak, master bathroom shower is disgusting looking but with some minor cosmetic help, it could be ok. Its still easy to make a profit renting below market with a house that is paid for but I'm just so frustrated with the process where there's not much more I can do, or know to do, until I hear from them. 

@Aaron K. It’s not probate, it's a tax issue and it would be a six month lease, just not anything more.